Cramer's Morning Take: Amgen, Best Buy 11/26/24

Jim Cramer (0:02)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting. Now, this is a really weird day, okay? This is historically a very positive day. We will be overbought by the end of the day. You know I don't like when we are overbought, but in the interim, let's just give you the little rundown here. Markets are higher, yields are back up again, but what we're reacting to is retail sales, and retail sales are actually not that bad. Now, the Dow, by the way, is down a lot because of Amgen. Amgen has a less than competitive drug to our Eli Lilly. I'm glad we bought some Lilly yesterday. We did not know this was going to happen. Lilly also got just, you know, the Lilly and Novo got the high sign from Medicare and Medicaid because Biden said it is going to be covered by Medicare and Medicaid. This is a very, very big deal because now everyone is going to be covered. Once Lilly gets Medicare and Medicaid, then you're going to find that you're going to be able to get it, and it will be paid for most likely by your insurance. So, very positive, but Amgen is not so good.

I'm involved with a drug that I made, and when you have a drug that's a Me Too drug, but it has any imperfections, you can forget about it, and that is exactly where Amgen is coming out. I want to talk about the semis for a second. Nvidia is up, but Micron is down. Now, let me give you the dichotomy here. We are seeing ADI up, we're seeing all the industrial IOTs up. We are seeing the companies that make anything AI down again. I want people to understand that I know that Nvidia is starting to annoy people, and I say, give me a break. Let it come in. On retail, it's Best Buy. Best Buy did not do a good quarter. They did say that the month, so far the door busters November is good, but the cadence of what they had from August was good, September was not so good, and October bad. No one's going to be buying into the idea that Corey Barry and Best Buy had a good quarter. I look at it like this. We have been a seller, seller, seller, seller, seller. If it got to the 70s, we would start buying back stock because of that dividend, and because Corey Barry did say that AI is selling well, the AIPC up 5%.

I'm not saying it's all that good, but be aware that I think we can start buying back our stock in the 70s. Yesterday, we talked about how Stanley Black and Decker was frankly up a lot, maybe up too much, and boom, it's come back down. Now, why is that? That's because of tariffs, because they've already said the tariffs are $200 million headwind for them, and yet they're always people who don't know about these things, and they become sellers. So let's understand that we are in a position right now where Best Buy is dragging things down, and although the laptop computer was the best performance since April 2021, but we're looking at it. Tonight we have HP, or may have money, and I will tell you exactly what I think is whether right or wrong with that kind of device, because right now Best Buy is saying it's good, but not as good as others. Start your day with my out look on the market every morning. Visit cnbc.com/morningtake to become a CNBC Investing Club member at a special rate today.

SPEAKER_2 (3:15)

All opinions expressed by Jim Cramer on this podcast and in connection with the CNBC Investing Club are solely Cramer's opinions and do not reflect the opinions of CNBC, NBC Universal or their parent company or affiliates, and may have been previously disseminated by Cramer on television, radio, internet or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Cramer. The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior, investment or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Cramer. To view the full CNBC Investing Club Disclaimer, please visit cnbc.com/investingclubdisclaimer.